Here are tips to get your best mortgage rate Shop for a lower rate: Rate shopping doesn’t have to take long, and it’s well worth the savings.However, you will pay more in total interest over the life of the loan Longer loan term: A longer loan term means lower monthly payments.Avoid private mortgage insurance: When you put at least 20% down on a conventional loan - or 20% home equity on a refinance - you can avoid paying monthly private mortgage insurance premiums (PMI).Also, the best mortgage rates generally go to borrowers with larger down payments, among other qualifying factors Bigger down payment: Putting more money down means you’ll borrow less.Lower purchase price: The less you borrow, the lower your mortgage payment.If your mortgage calculator results are not yielding the lower monthly payments you hoped for, here are several techniques to try: Start here How to lower your monthly payments To find out how much house you can afford based on your monthly budget.To find out how much house you can afford based on your annual household income.
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